‘Our analysis reveals a notable increase in spillover magnitudes over time, particularly during the COVID-19 pandemic, suggesting a potential rise in interdependence (this conclusion needs to be taken with caution, given the relatively short history). Furthermore, we link the increase in spillovers during periods of heightened turbulence to economic-financial events, events in the crypto markets, or other completely exogenous events. This heightened correlation during risk-off episodes suggests that crypto assets may not function as effective diversifiers and could potentially serve as crucial conduits for transmitting shocks across financial markets.’
wan*****
>>584
この部分ですね。
‘Our analysis reveals a notable increase in spillover magnitudes over time, particularly during the COVID-19 pandemic, suggesting a potential rise in interdependence (this conclusion needs to be taken with caution, given the relatively short history). Furthermore, we link the increase in spillovers during periods of heightened turbulence to economic-financial events, events in the crypto markets, or other completely exogenous events. This heightened correlation during risk-off episodes suggests that crypto assets may not function as effective diversifiers and could potentially serve as crucial conduits for transmitting shocks across financial markets.’